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Starting a small business is no easy task. It requires dedication, passion and, most importantly, entrepreneurial spirit. This entrepreneurial spirit is often what drives small business owners to build something from the ground up. However, once the business gets going, it can be easy to get lost in the day-to-day running of things and forget the spark that led to starting a small business in the first place.
It may not seem like running a small business requires the same entrepreneurial spirit as starting a company, but that would be a false assumption. Nurturing your entrepreneurial mindset is key to moving your business forward, overcoming challenges, and continuing to thrive long after you've launched.
Related: 4 Ways for Small Businesses to Increase Sales in 2024
Here are three ways to keep your entrepreneurial spirit alive in your small business.
1. Dare to try something new
A common trait among successful entrepreneurs is a desire to take on new challenges and overcome obstacles. Sometimes keeping the entrepreneurial spirit alive in a small business can be as simple as flexing your muscles and taking on a new challenge in your business. Think about how you can improve your existing business. One way could be to launch a new product or service.
For some businesses, the challenge of launching a new product or service would not only reignite the entrepreneurial spirit but also spur business growth. Another challenge that some small business owners may hate is opening a new location. This can be a particularly attractive option for franchisees, as franchising is a great industry for opening multiple locations.
It's also important to remember that taking on a new challenge doesn't have to be as big an undertaking as a new go-to-market strategy. There are many smaller ventures that can reignite the entrepreneurial spirit. For example, you could offer a new discount, launch a loyalty program, or invest in a charitable initiative. By taking on a new challenge, you will renew the passion that led you to start your business in the first place and continue to move your business forward.
Related: 3 Ways Gratitude Can Bring You Business Success
2. Put purpose before profit
While successful entrepreneurs may be driven by a desire for financial success, they are often also driven by passion. One way to reignite that passion in small business ownership is to refocus it on a new purpose. By focusing your business activities on a purpose, you foster your entrepreneurial spirit and often create business success in the process. According to a study by Accenture, 63% of global consumers surveyed prefer to buy products and services from companies that share their values and beliefs and avoid companies that do not.
But what does it mean to prioritize purpose in a business sense? A purpose-driven company will put its people and its mission ahead of its profit goals. This doesn't mean you have to throw accounting out the window, but rather that you should pursue your goals with a mission in mind rather than staying in the black. If you guide your company with purpose as your compass, you'll find it easier to put passion into your daily activities. This often applies to employees too. According to a Deloitte study, only one in five employees would stay at a for-profit company for more than five years.
To keep the entrepreneurial spirit alive in your business, find a purpose that matters to you. At The UPS Store, we're passionate about entrepreneurship, so we find ways to support first-time entrepreneurs. This is evident in our recent expansion of our Diversity Ownership Program, where first-generation entrepreneurs can now qualify for a significantly reduced franchise initiation fee.
3. Connect with people you admire
For small business owners, networking is a key success factor and a key factor in keeping the entrepreneurial spirit going. Building a solid network of people with the same background as you can provide you with opportunities for support and help you develop new business strategies for your operation. Most importantly, networking with other entrepreneurs can reignite your passion for your business. After all, passion can be contagious.
From LinkedIn to local Chamber of Commerce events to industry-specific networking events, research ways to connect with other entrepreneurs. Try to build your network with business people and entrepreneurs you admire, as this will help you better yourself. There are also many unconventional ways to build your network. Finding a network of people you admire in business will create a support system to help you through challenges; it will also surround you with other people who share your passion for entrepreneurship.
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